Binance Custody Launches to Onboard Institutional Investors

Binance’s new service has several features that will make corporate crypto management robustly secure and reliable.

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Wallet Service for the Corporate World

Crypto giant Binance has launched a first-of-its-kind crypto wallet service known as Binance Custody. 

The Binance Custody service aims to boost institutional adoption of crypto by providing an uncomplicated but secure, regulated way for institutions to store and manage their crypto assets. The service is specifically designed for corporate users and does not support individual users. 

“Binance Custody is now live with segregated cold storage, suitable for long-term holdings … We aim to provide a seamless gateway for institutional investors to access crypto”, announced a recent tweet on Binance Custody’s Twitter handle. 

Institutional clients are required to express interest in Binance Custody through a form and will pass know-your-customer (KYC) before being onboarded to the service. As of press time, Binance Custody supports around 500 crypto assets and is available as an app on both Android and iOS platforms.

Features of Binance Custody

• No Private Key

While having a private key is a standard requirement for an individual user, it is a weak security link for a corporate portfolio as it can be stolen or compromised by one team member. The absence of private keys raises the security strength of corporate assets by ensuring they cannot be compromised by a single person. In place of private keys, Binance Custody uses securely-stored offline key shares. 

• Multi-party Approval

Every transaction must be verified by multiple parties before it is authenticated.

• Regulated Service

In line with the growing worldwide push for regulatory oversight of cryptocurrencies, Binance Custody is licensed and registered in the Republic of Lithuania.

• Insurance

Crypto assets held in Binance Custody are covered by standard insurance. The coverage can also be customized to suit specific clients on request.

• Minimum Net-Worth

Corporate clients looking to sign up for Binance Custody are required to have crypto assets worth at least €1,000,000.

• Secure Storage

Crypto assets held in Binance Custody are securely stored in cold storage devices, and safe from online risks.

Binance Looks Ahead

Binance is playing a big part in expanding the adoption of cryptocurrencies worldwide. The organization uses different strategies such as education and learning, project incubator programs, etc. to spread awareness about blockchain and cryptocurrencies, as well as encourage their development.

Most of Binance’s previous crypto interventions focused on individuals and small-scale startups. With a subsidiary now dedicated to high-net-worth institutions and corporations, Binance has opened another chapter in its status as the world’s top crypto influencer.

What is Binance Custody?

Binance Custody is a standalone subsidiary of Binance. It is registered in the Republic of Lithuania and is licensed to provide institutions with crypto custodial services.

Binance Custody currently provides custodial services for popular crypto-assets such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Binance Dollar (BUSD), Binance Coin (BNB), CAKE, and many others. It can also provide custodial services for crypto assets, apart from the ones currently supported, on request.

Where to find Binance Custody:

Website | Twitter | Google Playstore | Apple Store

Source : bsc.news